Discovery period is also referred to as an extended reporting period in a D&O liability insurance policy. This is an additional period of time specified in the insurance policy that occurs after the end of the policy period. The purpose of this additional period is to give the insured additional time to report claims. Note that the discovery or extended reporting period does not have its own limits of liability but instead, is an extension of the limit of liability in place immediately prior to the election of discovery.
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